27th Nov 2007 14:45
LPA Group PLC27 November 2007 LPA Group PLC Potential sale of Saffron Walden site LPA Group PLC ("LPA" or "the Group") is a manufacturer and distributor oflighting, power and electronics systems In line with the Group's strategy, as outlined in the Annual Report published on24 January 2007, the board has been evaluating a possible sale of its freeholdsite at Saffron Walden, where there is potential to realise value forshareholders by relocating manufacturing activity and selling the site forresidential re-development. The board appointed King Sturge to advise on a fair value of the site andseparately sought and received a conditional offer of £2.2m for the 1.4 acresite from a major house-builder. This offer is in excess of both the £0.5m bookvalue and the £1.045m existing use value. An initial assessment of the site by King Sturge suggests that a sale couldrealise a value in excess of the current offer. Given the potential profit froma site sale, King Sturge has been instructed to begin formally marketing thesite and help identify suitable alternative premises to which to re-locatemanufacturing activity. Peter Pollock, Chief Executive, comments: "We are committed to maximising shareholder value. Given the interest in thesite and the significant potential profit that could be realised from a sale,and the current window of opportunity allowed by the previously indicated gap inour Saffron Walden programme, between the conclusion and recommencement of majorrail project work, we are actively assessing the cost and other issuessurrounding the relocation of activities from the site." 27 November 2007 ENQUIRIES: LPA Group PLCPeter Pollock, Chief Executive Tel: 01799 512844Steven Brett, Finance Director Tel: 01799 512860 Landsbanki SecuritiesThilo Hoffman Tel: 020 7426 9000 College HillGareth David Tel 020 7457 2020 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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